Asiabizservices Discusses Post - Incorporation Considerations 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Gerald Farish Tuesday, December 14, 2010
In Singapore, the incorporation procedure composes of two steps. The first one entails the approval of a business name while the next is the actual registration of the company. Both steps are transacted with ACRA. After the completion of the incorporation however, the investors or shareholders need to comply with post-incorporation requirements.

“ACRA shall issue a Certificate of Incorporation to the investors through an e-mail,” says Asiabizservices. “Included in the certificate is the company registration number unique of every business entity registered in Singapore.”

Investors may also request for a hard copy of the Business Profile of the company. After paying for a specified amount and submitting a request online, a PDF file can be downloaded within an hour. The Business Profile contains crucial information such as the share capital, information about the shareholder and directors, registered address, company name and registration number, principal activities, and incorporation date.

These two documents are sufficient for a company to engage in legal and contractual activities in Singapore. They are also required in opening corporate bank accounts, subscribing to internet and telephone services, and leasing an office space.

“Investors may open corporate bank accounts with HSBC, UOB, DBS, OCBC, Citibank, and Standard Charter,” Asiabizservices continues elaborating, “each of these banks require the physical presence of the principal signatories of the company.”

Banks differ from facilities and services they provide to client. It would be best if investors are able to visit Singapore and select the bank that can best meet the company needs.

Moving forward, the Company Act of Singapore stipulates that companies must comply with the annual requirements like auditing, preparation of financial statements, annual general meeting of the company, filing of annual return with ACRA, filing of tax return with IRAS, and filing of estimated chargeable income.

Dependent upon the nature of business a company has, certain business licenses must be obtained before the company may commence with their operations.

“Companies such as banks, a finance company, future or security exchange shall need a business license from Monetary Authority of Singapore,” Asiabizservices elaborates further.

Other businesses that require specific business permits include travel agencies, restaurants, educational institutes, financial services, and import and export of goods.

In some countries, companies may have to register for Value Added Tax or Sales Tax. In Singapore, it is known as Goods and Service Tax. A company registered with GST may impose 7% tax on its clients upon availing the company’s service or products. The GST collected is remitted to tax authorities.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Gerald Farish
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